Cost Analysis
In a study conducted by the Society of Human Resource Managers (SHRM) and the Bureau of National Affairs (BNA), businesses with less than 250 employees will spend an average of $1,602 per employee per year, in time, wages or fees on activities listed below:
Payroll and Payroll Tax Administration
Time and Wage Verification
Certified Payroll Reports
Compute time and wages
Calculate all taxes due
Resolve payroll discrepancies
Make Federal 940 and 941 tax deposits
Calculate garnishments deductions
Penalties and interest for late tax filings
Calculate Child Support Deductions
File Federal Unemployment returns
Administer benefit Deductions
File State Unemployment Returns
Track Vacation and Holiday Pay
File 941 and 940 Annual Reconciliation
Maintain Required Payroll Records
Pay State Withholding and File Returns
Check Printing and Signing
Administrate and Calculate FUTA, SUTA and Worker’s Compensation
Monitor Payroll and Regulations
Prepare Payroll Registers
Complete and File all Quarterly and Year End Tax Reports
Prepare Quarterly Payroll Reports
Annual W-2 Preparation
Complete and Maintain Employee W-4’s
Employee Administration
Establish and Maintain Employee Files
Maintain All Employee Personnel and Payroll Files
Develop and Distribute Employer Related Memos and Correspondence
Keep-up with State and Federal Employment Laws and Regulation
Prepare, Update and distribute Employee Handbooks
Human Resources and Personnel Management
Staffing Requirements (including recruiting, hiring, discipline, advertising, interviewing, screening, firing and performance evaluations)
Investigate Workplace accidents
Worker’s Compensation Audits
File Worker’s Compensation Claims
Administration of Worker’s Compensation Claims
Employee Orientations and Training
Resolve Unemployment Claims
Develop and Maintain a Safety Plan
Maintain OSHA 200 Log
Benefits Administration
Introduction and Orientation to all Employees
File end of Year 5500 Forms
Administer Benefit Plans
Completion and Administration of Enrollment Procedures
Track Benefit Eligibility Dates
Manage Insurance Billings
Claims Filing and Follow Up
Shop For Insurance Coverage
COBRA Administration
Negotiate Benefit Policies
